IOB extends any branch banking to Calcutta

By Our Staff Reporter

CALCUTTA, MAY 18. Indian Overseas Bank (IOB) has brought all the four metros under its `any branch banking' network with the launch of this facility here. With 27 branches in this city hooked to the network today, the number of inter-connected metro branches has gone up 129. The bank plans to expand this service to 76 more branches in Hyderabad, Bangalore, Coimbatore, Ahmedabad, Ludhiana, Chandigarh and Lucknow within this fiscal.

Talking to press persons here today, the chairman and managing director, Mr. R. V. Shastri, said the bank was also exploring the possibilities of introducing mobile banking in interconnected cities. A consultant had already been appointed for the same. The service, if introduced, would include money transfer, account statements and others through mobile phones.

The bank will hit the capital market with a public issue at par for Rs. 110 crores in September following the Government's proposal to divest 25 per cent of its stake in the bank. The issue will enhance the capital base from Rs. 335 crores to Rs. 445 crores.

Earlier addressing a ceremony to mark the launch of inter- connectivity services, the chairman said the stress was on providing better services through the existing network of 1,420 branches than expanding the same. Information technology was the tool to achieve it, he added.

Of the total branch network, 270 are now fully computerised. The bank plans to computerise fully 350 of its partially computerised branches within the next two years. The number of ATMs would be increased to 17 from 14.

Of the 38 V-sats allocated to the bank, 37 are already operationalised. Application for further links will be made to exploit the full potential of e-commerce.

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